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Limits on Outward Remittances under LRS

Nov 6

The Reserve Bank of India, vide its circular dated June 3, 2014 has enhanced the permissible limit for foreign outward remittance under Liberalised Remittances Scheme (LRS). Resident Indians are now allowed to send funds up to USD 125,000 in a financial year (April-March) under the scheme. The funds can be transferred for any permissible current or capital account transaction(s) as approved under the Foreign Exchange Management Act, 1999 and the rules/ regulations there under (FEMA) from time to time.

Capital Account Transactions include:

Opening and maintaining accounts in foreign currency with foreign banks;